Corporate & Securities Law

In re Bayer AG claims deadline near

By Werner R. Kranenburg

There are only a few days left to participate in the $18,500,000 In re Bayer AG Securities Litigation (No. 03 cv 1546 SDNY) settlement by filing your proof of claim form (Bayer AG, Xetra: BAY). The deadline is 25 November 2008 (date of postmark).

The class is defined as “[a]ll persons or entities who or which from August 4, 2000 through and including February 21, 2003: (a) purchased or otherwise acquired ordinary shares of Bayer AG on the U.S. over-the-counter market or purchased American Depository Receipts (ADRs) of Bayer AG on the New York Stock Exchange, regardless of the purchaser?s country of residence at the time of purchase; or (b) purchased or otherwise acquired ordinary shares or ADRs of Bayer AG on any other stock exchange and the purchaser, or beneficial owner, was a resident or citizen of the United States at the time of purchase.” (WV&Z’s emphases) For a list of exchanges Bayer was listed on from time to time, see here.

It was alleged that Bayer’s share price was artificially inflated during the class period due to material misrepresentations and omissions in relation to its cholesterol-lowering drug, Baycol. The class period commences on the date of Bayer’s withdrawal of the drug from the US market. (FDA) The price of its securities then allegedly fell following publication of this article in The New York Times, marking the end of the class period. (Also see lead counsel Lowey Dannenberg Cohen & Hart PC’s latest announcement on the case.)

The dedicated settlement website contains all relevant documents - including the Notice of Pendency and Settlement of Class Action and Proof of Claim and Release - a FAQ and details on how to file your claim electronically.

Full post as published by With Vigour and Zeal on November 20, 2008 (boomark / email).